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Data as of Nov 4, 2026.

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Buffer ETFs

NVBT vs PBNV: Cap, Buffer & Days Left

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As of Nov 4, 2026 NVBT can fall 1.7% before its buffer engages and PBNV 1.2%.

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Net assets: $28m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer10 ETF - Nov, and $42m on Nov 4, 2026 for PGIM S&P 500 Buffer 20 ETF - November .

NVBT on its own →PBNV on its own →
At a glance
1.7%
NVBT can fall this far before its buffer
1.2%
PBNV can fall this far before its buffer
16.1%
NVBT can still gain
11.5%
PBNV can still gain
NVBT Between buffer and cap
Between buffer and capNVBT: reference +1.5% since period start, fund +0.9%; buffer 0 to −10; cap +18.0%; Between buffer and cap. Data to Nov 4, 2026.10 pts of buffer+16.5% more to the cap−10.0% floor0% period start+18.0% cap+1.5% gain capturedTODAY · SPY +1.5%Between buffer and capNVBT: reference +1.5% since period start, fund +0.9%; buffer 0 to −10; cap +18.0%; Between buffer and cap. Data to Nov 4, 2026.10 pts+16.5% to cap−10.0% floor0% start+18.0% cap+1.5% gain capturedTODAY · SPY +1.5%

NVBT: reference +1.5% since period start, fund +0.9%; buffer 0 to −10; cap +18.0%; Between buffer and cap. Data to Nov 4, 2026.

NVBT: reference +1.5% since period start, fund +0.9%; buffer 0 to −10; cap +18.0%; Between buffer and cap. Data to Nov 4, 2026.
PBNV Between buffer and cap
Between buffer and capPBNV: reference +1.5% since period start, fund +0.7%; buffer 0 to −20; cap +12.7%; Between buffer and cap. Data to Nov 4, 2026.20 pts of buffer+11.3% more to the cap−20.0% floor0% period start+12.7% cap+1.5% gain capturedTODAY · SPY +1.5%Between buffer and capPBNV: reference +1.5% since period start, fund +0.7%; buffer 0 to −20; cap +12.7%; Between buffer and cap. Data to Nov 4, 2026.20 pts of buffer−20.0% floor0% start+12.7% cap+1.5% gain captured+11.3% more to the capTODAY · SPY +1.5%

PBNV: reference +1.5% since period start, fund +0.7%; buffer 0 to −20; cap +12.7%; Between buffer and cap. Data to Nov 4, 2026.

PBNV: reference +1.5% since period start, fund +0.7%; buffer 0 to −20; cap +12.7%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

PBNV costs 0.24 points a year less; their one-year returns differ by 0.8 points; PBNV is 1.3 times larger.

Points (pts) are percentage points.

NVBT vs PBNV: Cap, Buffer & Days Left
MeasureNVBTPBNV
Return
Total return, 1 year+12.0%+11.2%
Drawdown
Index fall to the buffer1.4%
Benchmark
What it tracksSPYSPY
Cost and size
Expense ratio0.74%0.50%
Net assets, as of Nov 3, 2026$28m$37m
Holdings
Holdings in commonnot published
ETFIQ Downside Cover Score · PBNV scores higher If the market falls into a bear market from here, how much does the buffer absorb?
IQ Buffer Score38.7NVBT97.4PBNV

How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed

0.3, the lowest in this set 99.7, the highest

Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it →

Method

Window by window

Window by window: NVBT vs PBNV: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowNVBTPBNVNVBTPBNV
3 months+0.4%+2.6%+0.8 pts+3.0 pts
6 months+4.5%+5.7%0.0 pts+1.2 pts
1 year+12.0%+11.2%−1.6 pts−2.4 pts
3 years+47.3%–−29.1 pts–
Since launchNot the same days: NVBT Nov 2022 · PBNV May 2024+62.6%+29.2%−36.8 pts−15.5 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →

Side by side

NVBT AllianzIM U.S. Equity Buffer10 ETF - Nov · Absorbs the first 10% of loss on SPY and caps the gain at 18.0%, over a period ending Oct 31, 2027 PBNV PGIM S&P 500 Buffer 20 ETF - November · Absorbs the first 20% of loss on SPY and caps the gain at 12.7%, over a period ending Oct 31, 2027
Issuer AllianzIM PGIM
Reference index SPY SPY
Buffer 10% 20%
Outcome period Nov 1, 2026 to Oct 31, 2027 Nov 1, 2026 to Oct 31, 2027
Days left 361 361
Starting cap +18.0% +12.7%
Can still gain 16.1% 11.5%
Fall before buffer 1.7% 1.2%
Protection left, index points 10.0% of 10.0% 20.0% of 20.0%
Index return this period +1.5% +1.5%
Fund return this period +0.9% +0.7%
State today Open Open
Expense ratio 0.74% 0.50%
Net assets, NVBT as of Nov 3, 2026 and PBNV as of Nov 4, 2026 $28m $42m

As of Nov 4, 2026. Source: ETFIQ.

Where each one stands today

NVBT resets first, on Oct 31, 2027, 361 days from now; PBNV runs to Oct 31, 2027, 361 days. NVBT can still gain 16.1% before its cap, PBNV 11.5%. A fall from here reaches NVBT’s buffer after 1.7% and PBNV’s after 1.2%. Both track SPY, so what separates them is where each is in its own period.

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About each fund
NVBT

From its price on Nov 4, 2026, the fund can gain about 16.1% more before it reaches its cap. The fund's price can fall 1.7% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 1.4% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 361 days remained on Nov 4, 2026. On Oct 31, 2027 the period ends and a new cap is set.

PBNV

From its price on Nov 4, 2026, the fund can gain about 11.5% more before it reaches its cap. The fund's price can fall 1.2% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, NVBT or PBNV?
From their prices on Nov 4, 2026, NVBT can gain about 16.1% before its cap and PBNV about 11.5%, so NVBT has more room left this period.
Which resets first, NVBT or PBNV?
NVBT ends its outcome period on Oct 31, 2027 and PBNV on Oct 31, 2027. A new cap is set the day after each.
Which is cheaper, NVBT or PBNV?
NVBT charges 0.74% a year and PBNV charges 0.50%, so PBNV is cheaper. Fees come from each fund's prospectus.
Other comparisons
NVBT vs PNOVNVBT vs OCTMNVBT vs XOCTNVBT vs CPSNPBNV vs DHDGPBNV vs BNOVPBNV vs DDTNPBNV vs CPSO
Where to next
SPDR® S&P 500® ETF Trust →NVBT on its own →PBNV on its own →Method →Standards and sources →
Sources and dates
NVBT filings on SEC EDGAR ↗
AllianzIM page for NVBT ↗
PBNV filings on SEC EDGAR ↗
PGIM website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

ETFIQ calculates every number from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, NVBT against PBNV, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/nvbt-vs-pbnv

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.